New York University ACCT-UB ACCT-UB 101 Sana All Company buys and sells land. On January 2021, a tract of land was bought for P25,600,000. Cost of levelling the land amounted to P6,400,000….
land was bought for P25,600,000. Cost of levelling the land amounted to P6,400,000. The lots were subdivided as follows:
Lots Sales Price
40 Class A 640,000 each
48 Class B 480,000 each
16 Class C 160,000 each
On December 31, 2021 , there were 36 lots that remained unsold and they were specifically identified as coming from Class A, 23 lots, Class B 9 lots, and Class C, 4 lots.
What is the cost of ending inventory of Class B Lots?
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